Water is a good solvent for dissolving ionic compounds because

Water is an exceptional solvent for ionic compounds primarily due to its high dipole moment and high dielectric constant. As a polar molecule, water possesses a significant electrical dipole moment [2]. In polar solvents with high dipole moments, ion-dipole interactions are the predominant force that dissociates ionic solids, leading to high hydration energy [1]. This high dipole moment allows water molecules to interact favorably with charged solute ions, effectively screening their charges and reducing the electrostatic force of attraction between the ions in the crystal lattice [2]. While water also possesses a high specific heat and high boiling point due to hydrogen bonding, these thermal properties do not directly explain its ability to dissolve ionic compounds; rather, it is the electrostatic interaction between the water's molecular dipoles and the ions that facilitates solvation [1][2].

Sources

1. [2] https://courseware.cutm.ac.in/wp-content/uploads/2020/06/Water.pdf
2. [1] https://jrc.ac.in/working_folder/DOWNLOAD-D-9-291-673362082233C.pdf